The Financial Industry Regulatory Authority has proposed to adopt new FINRA Rule 2231, regarding the obligation to send customer account statements, in the consolidated FINRA rulebook. New FINRA Rule 2231 would incorporate much of existing National Association of Securities Dealers Rule 2340 (Customer Account Statements) and certain select provisions and interpretations from existing New York Stock Exchange Rule 409 (Statements of Accounts to Customers). Current NASD Rule 2340 generally requires members to send customers at least once each calendar quarter account statements containing a description of any securities positions, money balances or account activity in the accounts since the prior account statements were sent. NYSE Rule 409(a) similarly requires member organizations to send customer account statements at least once each calendar quarter. FINRA Rule 2231 as proposed would require each “general securities member” to send account statements at least once every calendar month to each customer whose account had activity during the period since the last statement was sent to the customer. FINRA believes this requirement better reflects current industry practice given that a significant number of member firms already send customers monthly account statements through their clearing firms.